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Last date for filling ITR is 31 December, if you are filing returns by yourself, keep these things in mind

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Choose the correct form

Before filing the return, carefully check the form on the income tax department website. There are different forms for different categories. You have to select Form ITR-1, also known as ‘Sahaj’ in case of people with income (salary), income from a house (a property) or income from other sources (other than lottery). ITR-2 will have to be selected in case of capital gains. In the case of having more than one house, choose ITR-2A, but in this case there should be no capital gains. ITR-3, ITR-4, ITR-4S form is for businessmen and professionals.

Keep your documents ready

While filing income tax returns, keep these documents with you – PAN number, Form 16, Total interest of the respective financial year found on bank accounts, TDS information and all types of savings and investment proofs. Also keep documents related to home loan and insurance. Apart from this, you can also download Form 26AS from the income tax department website, which presents details of TDS deduction made from various sources till now. This form can be taken to validate your tax return.

Also read: These gifts received in finance, insurance and banking in 2020, will also change from January 2021

If the annual income is more than Rs 50 lakh

People whose annual income is more than 50 lakh rupees will have to remember another rule. Such taxpayers will have to fill an additional column AL given in their form, in which they have to fill the information sought about the value and liabilities of all their properties. AL stands for Assets and Liabilities.

If you have filed with digital signature, you will get the acknowledgment number. That is, a type of receipt is generated. On submitting the form without digital signature, ITR-V is generated which will reach your registered email id. This means that your return has been filed.

Return verification will have to be done

After filing the return, your work will not end. You will also have to verify it. If you do not verify it within 120 days, then it will be considered invalid. For verification you have to sign ITR-V and send it to Bengaluru office (where your return is processed). Apart from this, you can also e-verify your income tax return by visiting the e-Verify Return option on the website. It can also be verified through net banking.

Take care of it

Keep in mind fiscal year and assessment year. The assessment year of this financial year is 2020-21. You also have to choose the option of Original and Revised. If you are filling for the first time then the original, if you are filling again, you must have chosen the option of Revised.

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